Irrevocable Letter Of Credit - ILOC
This is often used in international transactions.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
irrevocable letter of credit — see letter of credit Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
irrevocable letter of credit — Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary s approval. Bloomberg Financial Dictionary * * * irrevocable letter of credit irrevocable letter of credit ➔ letter of credit * * * irrevocable letter… … Financial and business terms
irrevocable letter of credit — A confirmed irrevocable letter of credit, irrevocable letter, or a confirmed credit is a contract to pay on compliance with its terms, and needs no formal acknowledgment or acceptance other than is therein stated. See also letter of credit … Black's law dictionary
irrevocable letter of credit — See: letter of credit … Accounting dictionary
irrevocable letter of credit — See letter of credit … Big dictionary of business and management
irrevocable letter of credit — /ɪˌrevəkəb(ə)l ˌletər əv kredɪt/ noun a letter of credit which cannot be cancelled or changed, except if agreed between the two parties involved … Dictionary of banking and finance
irrevocable letter of credit — Fin see letter of credit … The ultimate business dictionary
confirmed irrevocable letter of credit — See: letter of credit … Accounting dictionary
irrevocable documentary acceptance credit — A form of irrevocable confirmed letter of credit in which a foreign importer of UK goods opens a credit with a UK bank or the UK office of a local bank. The bank then issues an irrevocable letter of credit to the exporter, guaranteeing to accept… … Big dictionary of business and management
letter of credit — letter of credit: a document issued to a beneficiary at the request of the issuer s customer in which the issuer (as a bank) promises to honor a demand for payment by the beneficiary in order to satisfy or secure the customer s debt compare… … Law dictionary
letter of credit — An obligation issued by a bank on behalf of a bank customer to a third party. There are many different kinds of letters of credit. The two most common are commercial letters and standby letters. A commercial or trade letter of credit is a bank… … Financial and business terms